📊 Coinbase Ended The Week BearishCoinbase (COIN) ended the week on a very strong bearish note and we have a strong combinations of bearish signals on this chart.
But first... How are you doing today?
I hope you are having a wonderful time with your daily life.
I've seen these charts, these stocks close red all the time and then surprisingly start the week on a bullish note and nullify the bearish bias... This can happen but we read the chart nonetheless.
➖ The first signal, based on candlestick reading; is the 16-February candle.
The session opened at 189 and peaked at 193, a little higher than the late December peak price but technically still a double top. After going this high, the candle removed all gains and closed below the days open (180) and thus ended red.
➖ Trading volume on the 16-Feb. session is huge, the highest since July 2023 but ended red; The sellers ended with the upper hand.
➖ Double top pattern mentioned above. (28-Dec. & 16-Feb.)
➖ Tons of gaps on the way up while the sessions are closing red is another bearish signal.
➖ A very strong bearish divergence with the RSI is in place.
➖ And finally, we are looking at a B wave of a classic ABC correction; An irregular correction.
It is called "irregular" because Wave B ends as a higher high compared to the start of Wave A. What follows is Wave C which means lower.
All these are bearish signals.
It will be very interesting to see how it all develops.
For how much longer can this go on?
Days, weeks, months?
It is not a matter of "if" but "when"... And the 'when' is getting closer by the day.
Prepare for a correction all across.
Our focus is on Cryptocurrency right now so can't say about other markets even though everything is related these days. So Tesla, the SPX and the rest can also turn red late February and March 2024... To start.
Namaste.
